Supplemental security income is a government program administered by the Social Security department. Under this program, people with low income and resources get monthly benefits. People who are disabled, blind, or age 65 or older get benefits from this program. You can get the funds from the Social Security department on a Wednesday according to the date of the month on which you were born of that month. Usually, the Social Security Administration issues the payment at midnight the day before the payment is due!
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- 1 What is Supplemental Security Income (SSI)?
- 2 When the SSI Direct Deposit into Bank Account?
- 3 How Supplemental Security Income will be Paid?
- 4 Is Supplemental Security Income Different from Social Security Benefits?
- 5 List of Beneficiaries and Costs of SSI Program (1974 – 2021)
- 6 What are the Categories of Residency Qualification in SSI?
- 7 FAQs about What Time does Supplemental Security Income (SSI) Direct Deposit into Bank Account
What is Supplemental Security Income (SSI)?
The Supplemental Security Income (SSI) was created by the Social Security Amendments of 1972 and is incorporated in Title 16 of the Social Security Act. The Social Security Administration (SSA) is the authority of this program and it started its operation in 1974.
According to this program, disabled children, disabled adults, and people aged 65 or over with low income will get a certain amount of cash payment each month. You must have to be a USA citizen to qualify for this program.
When the SSI Direct Deposit into Bank Account?
The Social Security Administration (SSA) direct deposits the SSI on Wednesday of each month according to the day of the month when you were born. For example –
- If you are born from the 1st to the 10th of a month then you will receive payment on the second Wednesday of the month
- If you are born from the 11th to the 20th of a month then you will receive payment on the third Wednesday of the month
- If you are born from the 21st to the 30th of a month then you will receive payment on the fourth Wednesday of the month
If your payment date coincides with a public holiday then the Social Security Administration will issue the payment on the Tuesday before the holiday. Below are the specific dates for payments in 2022 –
How Supplemental Security Income will be Paid?
Initially, the Social Security Administration routinely sent checks to the beneficiary. But now SSA sends the funds using the following methods:
- Direct Express Debit MasterCard program: This program allow you to receive a prepaid debit card and on the card, the Social Security Administration will send the SSI funds. When the fund is added to your card, you can use the card to purchase various products of your need.
- Direct Deposit: This is a very popular and convenient way of receiving the Supplemental Security Income. If you choose direct deposit then the Social Security Administration will deposit the funds directly into your bank account. You will receive the funds on the due date.
People who are eligible for SSI can also apply for Social Security Benefits. In fact, when you apply for Supplemental Security Income, your application also qualifies for Social Security Benefits.
But that doesn’t mean that SSI is similar to social security benefits. There are quite a few differences between SSI and social security benefits. For example –
- Social Security benefits are paid based on your prior work and whether you pay the Social Security tax or not. On the other hand, work history or tax history is not the main criteria to qualify for SSI.
- SSI is financed by U.S. Treasury funds that include personal income taxes, and corporate and other taxes. On the other hand, Social Security benefits are financed by Social Security taxes collected under the Federal Insurance Contributions Act (FICA) or the Self-Employment Contributions Act (SECA).
- SSI recipients can also get medical assistance but Social Security benefits receivers won’t get medical assistance.
- Many SSI recipients also get different supplemental payments but Social Security benefit recipients don’t get other supplemental payments.
- SSI recipients can also get food assistance but Social Security benefit recipient don’t get any food assistance
List of Beneficiaries and Costs of SSI Program (1974 – 2021)
What are the Categories of Residency Qualification in SSI?
The Supplemental Security Income (SSI) program is for USA residents. But citizens of USA aliens who are living legally in the USA can also qualify for SSI. Based on Department of Homeland Security (DHS) immigration statuses, there are seven categories of aliens that can qualify for SSI –
- Those admitted as lawfully admitted for permanent residence (LAPR)
- Those granted conditional entry according to section (a) (7) of the Immigration and Nationality Act (INA)
- Those paroled into the US under section 212(d) (5) of the INA for a period of at least one year
- Those who are refugees admitted to the US under section 207 of the INA
- Those granted asylum under section 208 of the INA
- Those whose deportation is being withheld under sections 243(h) or 241(b) (3) of the INA
- Cuban/Haitian entrants under section 501(e) of the Refugee Education Assistance Act of 1980
FAQs about What Time does Supplemental Security Income (SSI) Direct Deposit into Bank Account
What are considered as limited resources in the SSI program?
In the SSI program, limited resource is a combination of cash, bank accounts, stocks, mutual funds, U.S. savings bonds, land, vehicles, personal property, life insurance, and anything that you can convert into cash and use the money for food or shelter. If your limited resource is $2,000 or below (for an individual) or $3,000 or below (for a couple) then you can qualify for the SSI program.
What information is required to set up a direct deposit for SSI?
The below information will be required to set up a direct deposit, they are –
- Social security number
- Your bank account name
- Bank account number
- The bank routing number, etc.
How long does it take for SSI direct deposit?
If you change your direct deposit account or you have just set up your direct deposit account then it could take 30 – 60 days to take effect. Therefore, think twice before changing your SSI direct deposit account.
Why is my SSI direct deposit late?
There are quite a few reasons, your SSI direct deposit could be late. For example –
- You have changed your direct deposit bank account
- You have changed your address but didn’t send a notice to the SSA
- There is a govt. holiday
- There is a long queue of file processing in the SSA office, etc.
Does direct deposit hit on Saturday?
No, the direct deposit doesn’t hit on Saturday. This is because, if the Federal Reserve System is closed then the ACH Network does not settle payments. Usually, the Federal Reserve System is closed on weekends therefore, the direct deposit doesn’t hit on Saturday.
Last Updated on August 7, 2022 by Ana S. Sutterfield
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.